Homeowners Insurance Information

Home Insurance - Risk Protection for Your Home and the Things You Keep In ItServing Illinois, Indiana and Ohio

What is Homeowners insurance?
Homeowners insurance provides financial/risk protection against disasters. A standard policy insures the home itself and the things you keep in it.

Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.

Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage if you believe that your house is in a location that is susceptible to these perils. Maintenance-related problems are the homeowners' responsibility and not covered by insurance.

Why do you need homeowners insurance?
It is really all about protecting yourself financially if something unexpected happens to your home or possessions. That's important because chances are your home is likely one of your largest investments.

If your home was destroyed by fire or damaged by a natural disaster, you'd need money to repair or replace it.

If a guest in your home is injured, liability protection and medical coverage help pay expenses.

If you are a victim of theft and vandalism, it can reimburse you for your loss or pay for repairs.

If you are still paying for your home, your lender will require insurance.

It is important to know that homeowners insurance is meant to cover unexpected damage, not routine maintenance. Ask your agent to talk about what is covered and be sure to read your policy so you know exactly what's included and what is not.How much insurance do I need on my home?
A common misconception that we see over and over again is that people automatically think in terms of the market value of their home (its sale price). This may have very little to do with what it would cost to replace it if it were destroyed. We have tools that will help us determine the replacement cost of your home to ensure you are adequately covered. You also have options like extended or guaranteed replacement cost coverage that we can discuss.

How much insurance do I need on my possessions?
Most homeowners’ policies automatically provide coverage for your possessions as a percentage of the amount you have on the home’s structure (usually 50 to 75 percent). Collectible items usually have a separate limit. For example, many of the companies we represent will cover up to $1,000 of jewelry as part of the policy. If you have more jewelry than this they will offer coverage but they will need to be listed separately on the policy. They may require an appraisal and will likely charge a little extra for this. The best way to ensure you are adequately covered is to do a home inventory. Not only does this make sure you have everything covered, it will also help you to get everything you deserve if your possessions were destroyed by fire or tornado, or other unforeseen event. We have some tools to help you with this inventory.

How much insurance do I need to protect my assets?
Homeowners (and renters) policies also provide liability coverage. Think of this as coverage against the kind of things for which you could be sued, if someone were to slip and fall or if they were to be bitten by a pet for example. Most policies provide for $100,000 liability limits but that limit can be increased very inexpensively. Usually the more assets you have the higher limits you need to protect those assets.

Things to consider and questions to ask your agent
Here are few things to discuss with your agent that will influence your decisions.

How much will it cost to rebuild my house and replace my belongings if they are damaged or destroyed? (Ask your agent to talk you through your home's features and the things you own so you can make an informed decision about coverage.)

Does the insurance company have a good reputation for customer service? Is it known for paying claims fairly and promptly?

What discounts are available? (Ask about multiple policy, security system and fire resistance discounts.)

What's the process for filing and settling a claim? (Ask who to call and what happens after you file a claim.)

Thank you for your interest inRoger Schuldt Insurance. Use ourquick and easy quote formand start saving on insurance for your home today. If you would like to speak to one of our insurance professionals please call our office at815-432-5401 oremail us your questionsand an agent will reply promptly.